Saturday, October 1

The CNMV fines OHLA and its directors for inaccurate data in the 2018 accounts

As stated in the Official State Gazette (BOE) of this Wednesday, the sanctions of 15,000 euros have specifically fallen on the current CEO, José Antonio Fernández Gallar, in the director César Cañedo-Argüelles Torrejón and in the former directors Juan José Nieto Bueso and Manuel Garrido y Ruano.

This is a “very serious” infringement based on the supply to the CNMV of the consolidated semi-annual financial report corresponding to the first six months of fiscal year 2018, with “inaccurate or untrue data” in relation to the reported loss figure and the amount of the short-term construction order book.

At that time, the construction company recorded a net loss of 843 million euros in the first half of the year, ‘red numbers’ that multiplied by more than twenty to the 32 million recorded a year earlier, as a consequence of registering an accounting adjustment derived from the sale of its concessions division.

The resolution that imposes the aforementioned sanctions is only final in administrative proceedings, being subject to judicial review by the Contentious-Administrative Chamber of the National Court. From the company they have not made any comment.

Reference-www.estrategiasdeinversion.com

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